1、 Table_yemei1 观点聚焦 Investment Focus Table_yejiao1 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer)研究报告 Research Report 22 Mar 2023 中国必需消费中国必

2、需消费 China Staples HTI 消费品成本指数：行业成本延续跌势，包材期货全线下跌 HTI CGCI:Sectors Costs Continued to Decline,and All Packaging Material Futures Fell Table_Info 市盈率 P/E 股票名称 评级 目标价 2022E 2023E 百威亚太 Underperform 21.00 30 n.a.华润啤酒 Outperform 64.00 47 39 海底捞 Outperform 21.40 20 16 康师傅 Outperform 17.10 16 15 中国飞鹤 Outperf

3、orm 8.72 9 6 恒安国际 Neutral 55.80 8 8 九毛九 Outperform 21.68 31 23 颐海国际 Outperform 24.33 19 15 现代牧业 Outperform 1.43 6 5 优然牧业 Outperform 5.55 3 3 澳优 Outperform 7.32 4 3 资料来源：Factset,HTI Related Reports HTI 消费品成本指数：棕榈油价格下挫，方便面成本跌幅居前（HTI CGCI:The Price of Palm Oil Fell Sharply,the Instant Noodles Dropped t

4、he Most）(15 Mar 2023)HTI 消费品成本指数：生鲜乳价格跌势延续，行业成本多数企稳（HTI CGCI:The Price Decline of Raw Milk Continued,Most Sectors Costs Stabilized）(8 Mar 2023)HTI 消费品成本指数：小麦期货跌超 8%，多数行业成本下行（HTI CGCI:Wheat Futures Fell by 8%,and the Cost of Most Sectors Went Down）(1 Mar 2023)(Please see APPENDIX 1 for English summar

5、y)本周本周 HTI 跟踪的六类消费品，成本指数延续跌势，且期货成本跌幅跟踪的六类消费品，成本指数延续跌势，且期货成本跌幅大于现货大于现货。具体来看，本周包材部分，纸浆期货跌超 8%，塑料和玻璃期货紧随其后，跌幅达 3.46%/3.21%，铝材现货、期货下跌1.42%/0.66%，其他包材价格与上周持平。直接原材料部分，除了大米期货上涨 1.14%，其他品种价格均有下行，现货端小麦、豆粕、棕榈油和蔬菜价格有所走弱，跌幅达 1.76%/1.70%/1.19%/1.13%，期货端棕榈、白糖和大豆分别下行 1.55%/1.52%/1.38%，玉米、原奶、鸡肉等直接原材料价格小幅震荡。能源方面，本周柴

6、油现货较上周持平，布油期货下跌 2.75%。啤酒：啤酒：截至 3 月 21 日，成本现货指数较上周下降 0.13%，期货指数较上周下降 2.04%。今年年初以来现货、期货指数分别累计变动0.8%/4.43%，较去年同期现货、期货指数分别累计变动 10.56%/11.63%。本周啤酒现货成本波动不大，期货端因纸浆价格自二月初小幅冲高后持续回落，叠加玻璃价格震荡下行，啤酒期货成本下行较多。调味品：调味品：成本现货指数较上周下降 0.19%，期货指数较上周下降2.27%。今年年初以来现货、期货指数分别累计变动 1.76%/1.56%，较去年同期现货、期货指数分别累计变动 7.08%/14.42%。本

7、周调味品期货快速走弱，主要是成本比重较大的白糖和大豆价格均有下跌，同时包材价格的疲软也助力了成本下行。乳制品：乳制品：成本现货指数较上周下降 0.28%，期货指数较上周下降2%。今年年初以来现货、期货指数分别累计变动 1.21%/4.37%，较去年同期现货、期货指数分别累计变动 8.59%/10.05%。本周生鲜乳价格继续下行且跌幅扩大，奶牛饲养成本中玉米、豆粕分别下跌0.01 元/公斤、0.08 元/公斤，推动乳制品成本回落，期货端同受包材价格大跌影响，成本较现货下降更多。方便面：方便面：成本现货指数较上周下降 0.55%，期货指数较上周下降2.3%。今年年初以来现货、期货指数分别累计变动

8、1.85%/6.99%，较去年同期现货、期货指数分别累计变动 13.18%/18.22%。本周棕榈油期现价格延续回落但跌幅收窄，叠加小麦现货价格下行，包材期货走弱影响，方便面成本回落明显。速冻食品：速冻食品：成本现货指数较上周下降 0.4%，期货指数较上周下降0.25%。今年年初以来现货、期货指数分别累计变动 0.39%/1.88%，较去年同期现货、期货指数分别累计变动 0.71%/3.31%。本周鸡肉和小麦价格略有下行，速冻食品成本小幅回落。软饮料：软饮料：成本现货指数较上周下降 0.09%，期货指数较上周下降3.73%。今年年初以来现货、期货指数分别累计变动 0.44%/4.95%，较去年

9、同期现货、期货指数分别累计变动 8.65%/17%。本周软饮料现货成本持平，受纸浆、塑料期货大跌影响，期货成本快速走弱。风险风险提示：提示：国内疫情反复，原材料价格反弹，地缘冲突加剧。Table_Author 闻宏伟闻宏伟 Hongwei Wen 陈子叶陈子叶 Susie Chen 6080100120140Mar-22Jun-22Sep-22Dec-22Mar-23HAI China StaplesMSCI China 22 Mar 2023 2 Table_header1 中国必需消费中国必需消费 1.包材期货大幅回落包材期货大幅回落，直接原材料跌多涨少直接原材料跌多涨少 本周 HTI 跟

10、踪的六类消费品，成本指数延续跌势，且期货成本跌幅大于现货。具体来看，本周包材部分，纸浆期货跌超 8%，塑料和玻璃期货紧随其后，跌幅达 3.46%/3.21%，铝材现货、期货下跌 1.42%/0.66%，其他包材价格与上周持平。直接原材料部分，除了大米期货上涨 1.14%，其他品种价格均有下行，现货端小麦、豆粕、棕榈油和蔬菜价格有所走弱，跌幅达1.76%/1.70%/1.19%/1.13%，期货端棕榈、白糖和大豆分别下行 1.55%/1.52%/1.38%，玉米、原奶、鸡肉等直接原材料价格小幅震荡。能源方面，本周柴油现货较上周持平，布油期货下跌 2.75%。表表 1 HTI 消费品现货成本指数消

11、费品现货成本指数 资料来源：Wind，HTI 表表 2 HTI 消费品期货成本指数消费品期货成本指数 资料来源：Wind，HTI 啤酒调味品乳制品方便面速冻食品软饮料基准日2023/3/21133.48117.76114.21111.81125.94121.70上周2023/3/14133.65117.99114.53112.43126.45121.81上月2023/2/21134.68117.60114.93114.30128.59122.69今年年初2023/1/1132.42115.73115.61113.92126.43121.16去年同期2022/3/21149.24126.7312

12、4.95128.79126.84133.22-0.13%-0.19%-0.28%-0.55%-0.40%-0.09%-0.89%0.14%-0.62%-2.17%-2.06%-0.81%0.80%1.76%-1.21%-1.85%-0.39%0.44%-10.56%-7.08%-8.59%-13.18%-0.71%-8.65%较去年同期HTI消费品成本指数（现货指数）较上周较上月较今年年初日期啤酒调味品乳制品方便面速冻食品软饮料基准日2023/3/21135.71126.62100.82117.66126.15133.86上周2023/3/14138.54129.56102.87120.431

13、26.47139.04上月2023/2/21138.02129.88104.85126.00130.19142.73今年年初2023/1/1142.00128.63105.43126.49128.57140.82去年同期2022/3/21153.56147.96112.08143.87130.47161.28-2.04%-2.27%-2.00%-2.30%-0.25%-3.73%-1.67%-2.51%-3.85%-6.62%-3.10%-6.22%-4.43%-1.56%-4.37%-6.99%-1.88%-4.95%-11.63%-14.42%-10.05%-18.22%-3.31%-17

14、.00%较去年同期HTI消费品成本指数（期货指数）较上周较上月较今年年初日期mMoP2YfWeUfVoWcVxU9PdN9PpNnNmOoNfQrRtQfQoMmP6MqQyRvPsQrRxNmPtP 22 Mar 2023 3 Table_header1 中国必需消费中国必需消费 2.期货成本大幅回落期货成本大幅回落 2.1 啤酒啤酒 截至 3 月 21 日，啤酒成本现货指数为 133.48，较上周下降 0.13%；啤酒成本期货指数为 135.71，较上周下降 2.04%。本周啤酒现货成本波动不大，期货端因纸浆价格自二月初小幅冲高后持续回落，叠加玻璃价格震荡下行，啤酒期货成本下行较多。月度来

15、看，较上月同期啤酒成本现货指数下降 0.89%，啤酒成本期货指数下降1.67%。中长期看，今年年初以来啤酒成本现货指数提升 0.8%，啤酒成本期货指数下降 4.43%，较去年同期，啤酒成本现货指数下降 10.56%，啤酒成本期货指数下降11.63%。图图1 本周本周 HTI 啤酒成本现货指数啤酒成本现货指数下降下降 0.13%图图2 本周本周 HTI 啤酒成本期货指数啤酒成本期货指数下降下降 2.04%资料来源：Wind，HTI 资料来源：Wind，HTI 图图3 浮法玻璃市场价（元浮法玻璃市场价（元/吨）吨）图图4 玻璃期货价（元玻璃期货价（元/吨）吨）资料来源：Wind，HTI 资料来源：

16、Wind，HTI 2.2 调味品调味品 截至 3 月 21 日，调味品成本现货指数为 117.76，较上周下降 0.19%；调味品成本期货指数为 126.62，较上周下降 2.27%。本周调味品期货快速走弱，主要是成本比重较大的白糖和大豆价格均有下跌，同时包材价格的疲软也助力了成本下行。100.0110.0120.0130.0140.0150.0160.0170.0180.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI啤酒成本指数（现货）啤酒成本指数（现货）100.0120.0140.0160.0180.0200.019-0119-07

17、20-0120-0721-0121-0722-0122-0723-01HTIHTI啤酒成本指数（期货）啤酒成本指数（期货）0.0500.01,000.01,500.02,000.02,500.03,000.03,500.00.0500.01,000.01,500.02,000.02,500.03,000.03,500.0 22 Mar 2023 4 Table_header1 中国必需消费中国必需消费 月度来看，较上月同期调味品成本现货指数提升 0.14%，调味品成本期货指数下降2.51%。中长期看，今年年初以来调味品成本现货指数提升1.76%，调味品成本期货指数下降1.56%，较去年同期，调

18、味品成本现货指数下降7.08%，调味品成本期货指数下降 14.42%。图图5 本周本周 HTI 调味品成本现货指数调味品成本现货指数下降下降 0.19%图图6 本周本周 HTI 调味品成本期货指数调味品成本期货指数下降下降 2.27%资料来源：Wind，HTI 资料来源：Wind，HTI 图图7 大豆期货收盘价（元大豆期货收盘价（元/吨）吨）图图8 白砂糖期货收盘价（元白砂糖期货收盘价（元/吨）吨）资料来源：Wind，HTI 资料来源：Wind，HTI 2.3 乳制品乳制品 截至 3 月 21 日，乳制品成本现货指数为 114.21，较上周下降 0.28%；乳制品成本期货指数为 100.82，

19、较上周下降 2%。本周生鲜乳价格继续下行且跌幅扩大，奶牛饲养成本中玉米、豆粕分别下跌 0.01 元/公斤、0.08 元/公斤，推动乳制品成本回落，期货端同受包材价格大跌影响，成本较现货下降更多。月度来看，较上月同期乳制品成本现货指数下降 0.62%，乳制品成本期货指数下降3.85%。中长期看，今年年初以来乳制品成本现货指数下降1.21%，乳制品成本期货指数下降4.37%，较去年同期，乳制品成本现货指数下降8.59%，乳制品成本期货指数下降 10.05%。80.090.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-

20、0723-01HTIHTI调味品成本指数（现货）调味品成本指数（现货）90.0110.0130.0150.0170.0190.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI调味品成本指数（期货）调味品成本指数（期货）3,000.03,500.04,000.04,500.05,000.05,500.06,000.06,500.07,000.04,500.05,000.05,500.06,000.06,500.0 22 Mar 2023 5 Table_header1 中国必需消费中国必需消费 图图9 本周本周 HTI 乳制品成本现货指数乳

21、制品成本现货指数下降下降 0.28%图图10 本周本周 HTI 乳制品成本期货指数乳制品成本期货指数下降下降 2%资料来源：Wind，HTI 资料来源：Wind，HTI 图图11 全国玉米平均价（元全国玉米平均价（元/公斤）公斤）图图12 全国豆粕平均价（元全国豆粕平均价（元/公斤）公斤）资料来源：Wind，HTI 资料来源：Wind，HTI 2.4 方便面方便面 截至 3 月 21 日，方便面成本现货指数为 111.81，较上周下降 0.55%；方便面成本期货指数为 117.66，较上周下降 2.3%。本周棕榈油期现价格延续回落但跌幅收窄，叠加小麦现货价格下行，包材期货走弱影响，方便面成本回

22、落明显。月度来看，较上月同期方便面成本现货指数下降 2.17%，方便面成本期货指数下降6.62%。中长期看，今年年初以来方便面成本现货指数下降1.85%，方便面成本期货指数下降 6.99%，较去年同期，方便面成本现货指数下降 13.18%，方便面成本期货指数下降 18.22%。80.090.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI乳制品成本指数（现货）乳制品成本指数（现货）70.080.090.0100.0110.0120.019-0119-0720-0120-0721-0121-

23、0722-0122-0723-01HTIHTI乳制品成本指数（期货）乳制品成本指数（期货）1.82.02.22.42.62.83.03.219-0119-0720-0120-0721-0121-0722-0122-0723-012.83.33.84.34.85.35.819-0119-0720-0120-0721-0121-0722-0122-0723-01 22 Mar 2023 6 Table_header1 中国必需消费中国必需消费 图图13 本周本周 HTI 方便面成本现货指数方便面成本现货指数下降下降 0.55%图图14 本周本周 HTI 方便面成本期货指数方便面成本期货指数下降下降

24、 2.3%资料来源：Wind，HTI 资料来源：Wind，HTI 图图15 棕榈油棕榈油期货收盘期货收盘价（元价（元/吨）吨）图图16 小麦期货价（元小麦期货价（元/吨）吨）资料来源：Wind，HTI 资料来源：Wind，HTI 2.5 速冻食品速冻食品 截至 3 月 21 日，速冻食品成本现货指数为 125.94，较上周下降 0.4%；速冻食品成本期货指数为 126.15，较上周下降 0.25%。本周鸡肉和小麦价格略有下行，速冻食品成本小幅回落。月度来看，较上月同期速冻食品成本现货指数下降 2.06%，速冻食品成本期货指数下降 3.1%。中长期看，今年年初以来速冻食品成本现货指数下降 0.3

25、9%，速冻食品成本期货指数下降1.88%，较去年同期，速冻食品成本现货指数下降0.71%，速冻食品成本期货指数下降 3.31%。80.090.0100.0110.0120.0130.0140.0150.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI方便面成本指数（现货）方便面成本指数（现货）70.090.0110.0130.0150.0170.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI方便面成本指数（期货）方便面成本指数（期货）020004000600080001000012

26、0001400019-0119-0720-0120-0721-0121-0722-0122-0723-012,000.02,500.03,000.03,500.04,000.0 22 Mar 2023 7 Table_header1 中国必需消费中国必需消费 图图17 本周本周 HTI 速冻食品成本现货指数速冻食品成本现货指数下降下降 0.4%图图18 本周本周 HTI 速冻食品成本期货指数速冻食品成本期货指数下降下降 0.25%资料来源：Wind，HTI 资料来源：Wind，HTI 图图19 白条鸡价格（元白条鸡价格（元/公斤）公斤）图图20 平均批发价平均批发价:28 种重点监测蔬菜种重点

27、监测蔬菜 资料来源：Wind，HTI 资料来源：Wind，HTI 2.6 软饮料软饮料 截至 3 月 21 日，软饮料成本现货指数为 121.7，较上周下降 0.09%；软饮料成本期货指数为 133.86，较上周下降 3.73%。本周软饮料现货成本较上周持平，期货端受纸浆、塑料价格大跌影响，成本快速走弱。月度来看，较上月同期软饮料成本现货指数下降 0.81%，软饮料成本期货指数下降6.22%。中长期看，今年年初以来软饮料成本现货指数提升0.44%，软饮料成本期货指数下降4.95%，较去年同期，软饮料成本现货指数下降8.65%，软饮料成本期货指数下降 17%。90.0100.0110.0120.

28、0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI速冻食品成本指数（现货）速冻食品成本指数（现货）90.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI速冻食品成本指数（期货）速冻食品成本指数（期货）15.016.017.018.019.020.021.022.019-0119-0720-0120-0721-0121-0722-0122-0723-013.03.54.04.55.05.56.06.57.019-011

29、9-0720-0120-0721-0121-0722-0122-0723-01 22 Mar 2023 8 Table_header1 中国必需消费中国必需消费 图图21 本周本周 HTI 软饮料成本现货指数软饮料成本现货指数下降下降 0.09%图图22 本周本周 HTI 软饮料成本期货指数软饮料成本期货指数下降下降 3.73%资料来源：Wind，HTI 资料来源：Wind，HTI 图图23 瓦楞纸市场价（元瓦楞纸市场价（元/吨）吨）图图24 PET 切片价格切片价格（元（元/吨）吨）资料来源：Wind，HTI 资料来源：Wind，HTI 3.风险提示风险提示 国内疫情反复，原材料价格持续高位

30、，地缘冲突加剧。90.0100.0110.0120.0130.0140.0150.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI软饮料成本指数（现货）软饮料成本指数（现货）90.0110.0130.0150.0170.0190.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI软饮料成本指数（期货）软饮料成本指数（期货）2,500.03,000.03,500.04,000.04,500.05,000.04,000.05,000.06,000.07,000.08,000.09,000.

31、010,000.011,000.0 22 Mar 2023 9 Table_header2 中国必需消费中国必需消费 APPENDIX 1 Summary Among the six categories of consumer goods tracked by HTI this week,The cost index continued to decline,and the decline in futures costs was greater than that of spot goods.Specifically,for packaging materials this week,pu

32、lp futures fell more than 8%.Plastic and glass futures fell 3.46%/3.21%,and aluminum spot and futures fell 1.42%/0.66%.For the direct raw materials,except for rice futures,which rose 1.14%,the prices of wheat,soybean meal,palm oil,and vegetables on the spot weakened,with a decrease of 1.76%/1.70%/1.

33、19%/1.13%.The futures of palm,white sugar,and soybean declined 1.55%/1.52%/1.38%respectively.The prices of direct raw materials such as corn,raw milk,and chicken fluctuated slightly.In terms of energy,the diesel spot was flat compared to last week,while oil distribution futures fell 2.75%.Risks:Repe

34、ated domestic epidemics,rebounding raw material prices,intensified geopolitical conflicts.10 Table_APPENDIX Table_disclaimer 附录附录APPENDIX 重要信息披露重要信息披露 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited(HSIPL)，Haitong International Japan K.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究

35、团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANT DISCLOSURES This research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong Internati

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39、bject companies discussed.我，陈子叶，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。I,Susie Chen,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the

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42、r or hold proprietary trading positions of certain stocks or companies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the following disclosure does not ensure timeliness and completeness,please send an emai

43、l to ERD-D if timely and comprehensive information is needed).香港华润(集团)有限公司上海代表处,嘉谟证券有限公司海底捞国际金融私人有限公司R 及嘉谟证券有限公司海底捞控股私人有限公司R目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。香港华润(集团)有限公司上海代表处,嘉谟证券有限公司海底捞国际金融私人有限公司R and嘉谟证券有限公司海底捞控股私人有限公司R are/were a client of Haitong currently or within the past 12 months.Th

44、e client has been provided for non-investment-banking securities-related services.海通在过去的12个月中从嘉谟证券有限公司海底捞国际金融私人有限公司R 及嘉谟证券有限公司海底捞控股私人有限公司R获得除投资银行服务以外之产品或服务的报酬。Haitong has received compensation in the past 12 months for products or services other than investment banking from 嘉谟证券有限公司海底捞国际金融私人有限公司R an

45、d嘉谟证券有限公司海底捞控股私人有限公司R.11 评级定义评级定义（从（从2020年年7月月1日开始执行）日开始执行）：海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。分析师股票评级分析师股票评级 优于大市优于大市，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下 中性中性，未来12-18个月内预

46、期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准指数：日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100,美国 SP500;其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong International uses a relative rating system using Outperform,Neutral,or Underp

47、erform for recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more complete information concerning the analysts views,investors should carefully

48、read Haitong International Research,in its entirety,and not infer the contents from the rating alone.In any case,ratings(or research)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock should depend on individual circumstances(such as the investors exi

49、sting holdings)and other considerations.Analyst Stock Ratings Outperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.Neutral:The stocks total return over the next 12-18 months is expected to be in line

50、with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the next 12-18 months is expected to be below the return of its relevant

51、 broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-concept stocks MSCI China.评级分布评级分布Rating Distribution 截至截至2022年年12月月31日海通国际股票研究评级分布日海通国际股票研究评级分布 优于大市优于大市 中性中性 弱于大市弱于大市

52、(持有)海通国际股票研究覆盖率 89.4%9.2%1.5%投资银行客户*5.2%7.3%8.3%*在每个评级类别里投资银行客户所占的百分比。上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义（直至此前的评级系统定义（直至2020年年6月月30日）：日）：买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下 中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性

53、评级划入持有这一类别。卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 12 各地股票基准指数：日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100;其他所有中国概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of Dec 31,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%9.2%1.5%IB clients*5.2%7.3%8.3%

54、*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distribution correspond to our current ratings of Outperform,Neutral,and Underperform.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Pl

55、ease note that stocks with an NR designation are not included in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.NEUTRAL:The stocks

56、total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.SELL:The stocks total return over the next 12-18

57、 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCI China.海通国际非评级研究：海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估

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124、章免除了根据2001年公司法在澳大利亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC的规章副本可在以下网站获取：www.legislation.gov.au。海通国际提供的金融服务受外国法律法规规定的管制，该等法律与在澳大利亚所适用的法律存在差异。印度投资者的通知事项：印度投资者的通知事项：本报告由从事证券交易、投资银行及证券分析及受Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities India Private Limited（“HTSIPL”）所发布，包括制作及发布涵盖BSE Li

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